Indika?s net profit soars

IDX-listed energy firm PT Indika Energy said Monday its consolidated 2008 net profit more than quadrupled due to gains from an investment in an affiliated company.

Net profit for the January-to-December period rose to Rp1.08 trillion (1US$ = 11,500) from Rp 264.97 billion a year earlier.

Revenue, however, fell to Rp 2.31 trillion from Rp 2.34 trillion a year earlier.

The company said it booked Rp 1.025 trillion from an investment in an affiliated company, up significantly from Rp.388.60 billion a year earlier.

Established in 2002, Indika is a privately-owned investment holding company with two major investment assets - a 46% stake in East Kalimantan coal miner PT Kideco Jaya Agung and a 100% stake in Tripatra. Kideco is Indonesia's fifth largest coal producer and operates under a 30-year Coal Contract of Work (CCOW). Tripatra is a leading EPC and O&M (Operations and Maintenance) service provider in Indonesia with a focus on energy and infrastructure projects. (denny)